LOS ANGELES – December 12, 2018 – Berkadia announced today the $36.5 million sale of Fountain View Apartments, a garden-style multifamily property in Long Beach, California. Managing Director Jim Fisher and Senior Director Mike Smith of Berkadia’s Los Angeles office completed the sale on behalf of the seller, California-based MHE Real Estate. The buyer was California-based Canyon Partners LLC, and the deal closed on November 29.
“Long Beach and San Pedro have been in high demand for institutional and private investors in 2018,” said Fisher. “By the end of the year, we will have closed four deals in the port communities over the third and fourth quarters as demand for the submarket continues to be strong. While activity in Class A and ‘core’ properties has slowed in recent months, buyers are still very aggressive in their underwriting for value-add deals, like Fountain View.”
Fountain View Apartments features studio, one- and two-bedroom along with two-and-a-half-bath townhouse floor plans with spacious walk-in closets, air conditioning, dual master suites and private balconies or patios. Residents have access to a pool, an on-site laundry facility, a fitness center and on-site parking. Located at 2301 E. Market St., the property is conveniently accessible to public transportation, Biscailuz Park and nearby shops and restaurants.